Korean Trade, Industry and Energy Minister Lee Chang-yang asked the government of Turkmenistan, the world’s fourth-largest natural gas producer, to support Korean companies in winning plant projects. The projects are worth US$2.5 billion (about 3.2 trillion won).Turkmenistan’s natural gas reserves a
Although the minimum wage for 2024 has been set at 9,860 won per hour, which is 2.5% higher than this year's minimum wage of 9,620 won, both labor and management have expressed opposition.Economic organizations and some employer groups have responded with mixed feelings, saying, “It is an inevit
Malicious code has been discovered in Chinese-made measurement devices supplied to government agencies. The National Intelligence Service (NIS) reported that the malicious code was pre-installed in the Chinese equipment before delivery, and they have decided to investigate all Chinese-made devices d
Elliott Management, a U.S.-based private equity fund, criticized the South Korean government’s decision to file an appeal lawsuit against an international investment dispute decision, saying that “the rejection of the decision sends the wrong message that South Korea is tolerant of corruption.” The
The South Korean government plans to contribute US$10 million to the World Bank’s Ukraine Relief, Recovery, Reconstruction and Reform Trust Fund for Ukraine’s reconstruction.On July 18, according to the Ministry of Strategy and Finance, while attending the G20 Finance Ministers’ meeting in Gandhinag
Hyundai E&C announced that it has signed an agreement with Boryspil International Airport in Ukraine on July 14 (local time) for an airport expansion project. The signing ceremony took place in Warsaw, Poland, attended by Won Hee-ryong, minister of land, infrastructure and transport; Park Sun-ho, ch
As household debt has ballooned to a record high, emerging as a big risk for the Korean economy, debt burdens on Korean households are the second largest among major economies in the world. The Bank of Korea (BOK) said that rising household debt will hamper Korea’s economic growth in the long run an
Imports of Japanese beer have surged while imports of Japanese fish and seafood have plummeted, creating a mixed picture of Japanese imports in the Korean market.Korea imported 1,910 tons of fish and seafood in June, down 34.7 percent from a year earlier, according to trade statistics from the Korea
On July 16, Lee In-ho, president of the Korea Trade Insurance Corporation (K-SURE), and Yoon Hee-sung, president of the Export-Import Bank of Korea (Korea Eximbank) announced that on July 13 (local time) they signed a tripartite memorandum of understanding (MOU) for enhancing economic cooperation an
South Korea’s share of China’s total imports descended to the low 6 percent range.According to data from the Chinese government, South Korea’s exports to China in the first half of this year totaled US$77 billion, down 24.9 percent from the same period of 2022.During the same period, China’s total i
A scheduled Asiana Airlines international flight bound for Ho Chi Minh, Vietnam, was canceled due to the inability to secure a pilot.According to Asiana Airlines on July 16, flight OZ731, which was scheduled to depart from Incheon Airport at 7:35 a.m. and arrive in Ho Chi Minh at 11:05 a.m., was can
The South Korean government and private companies are plunging into Ukraine's reconstruction project, which is estimated to be worth more than 1,500 trillion won in total. The government, in partnership with Poland, Ukraine's neighboring country and the largest Ukrainian supporter within Eur
The Korean government is considering supplying electric power to the Yongin System Semiconductor Cluster in Gyeonggi Province from a hydrogen to gas turbine (H2GT) power plant.The Ministry of Trade, Industry and Energy discussed a plan to build a new liquefied natural gas (LNG)-fired power plant wit
The Korean ICT industry, which is the core of Korea’s export engine, seems to have rebounded from its decline after bottoming out in April. System semiconductor exports are also showing signs of recovery, mainly those to Europe and Japan.According to the Ministry of Trade, Industry and Energy on Jul
Korea Aerospace Industries (KAI) announced on July 13 that it has commenced the delivery of the export version of FA-50GF to Poland, just ten months after signing the export contract.In September last year, KAI signed a contract to export 48 units of the FA-50. Last month, a delivery ceremony for th
South Korea’s nominal gross domestic product (GDP) is provisionally ranked 13th in the world. It has dropped out of the global top 10.According to statistics released by the Bank of Korea (BOK) on July 12, South Korea’s nominal GDP at market exchange rates was US$1.6732 trillion in 2022. It ranked 1
LG Uplus has been fined 6.8 billion won for a breach earlier this year that leaked information on over 300,000 customers. On July 12, the Personal Information Protection Commission imposed a fine of 6.8 billion won (US$5.3 million) and a penalty of 27 million won on LG Uplus for violating personal i
President Yoon Suk-yeol attended a series of bilateral meetings with 13 national leaders during the NATO summit held in Vilnius, Lithuania on July 11 and 12 (local time). The discussions aimed to strengthen the supply chains of advanced industries such as semiconductors, electric vehicles, batteries
Nearly half of men aged 25 to 49 in South Korea have never been married, and one in three women in the same age group are also unmarried. While the world’s population is expected to grow by 28 percent from this year to 2070, South Korea’s population is expected to shrink by 27 percent.Statistics Kor
The government has decided to accelerate the exports of small and medium-sized enterprises (SMEs), create an ecosystem for startups and ventures aimed at the global market, and roll out policies for SMEs to make a global leap.The Ministry of SMEs and Startups announced the “SME Promotion Comprehensi